- Investment expert Justin Bons tweeted “Polygon in its current state is insecure and centralized!”
- He anticipates that the insecurity might lead to major scams in the coming days.
- Bons concluded by proposing a possible solution to Polygon’s issues regarding insecurity and centralization.
Justin Bons, an investment expert, attracted attention this week for his extensive critique of Polygon. He emphasized his worry about the centralization and lack of security that this Ethereum sidechain possesses through Twitter, adding to previous criticisms of the same.
“Polygon in its current state is insecure and centralized!” said Bons, who happens to be the founder and CIO of Cyber Capital, one of the first investment managers to create a cryptocurrency fund. Delving into how this may lead to major scams, he expressed:
It would only take 5 people to commit over $5 billion! 4 of those people are the founders of Polygon! This is one of the biggest exit hacks or scams that you just have to wait for it to happen.
Bons noted that five of eight multi-signature contracts govern the network’s smart contract management key. In other words, he emphasized, Polygon can gain complete control with only one of the four outside parties in the conspiracy. Furthermore, he stated that those four were chosen by Polygon, which is not exactly unbiased.
Control over the contract administration key, he cautioned, is equivalent to the power to change the rules. “At that moment, everything becomes possible. Including the emptying of the entire Polygon contract, which is currently worth over $5 billion!”
Defillama, a data explorer, reports that Polygon presently has tokens locked for the equivalent of $4.6 billion, but it still doesn’t exceed $5 billion.
Based on this statistic, Polygon is the seventh blockchain with the highest value locked (taking into account only those that specialize in smart contracts). The one with the most volume is Ethereum, which outnumbers it by more than 1,600% at $125.3 billion.
Meanwhile, Bons concluded his accusation by proposing a possible solution to the insecurity he observes in Polygon, saying that “there is no excuse” not to do so. He argues that the network must first decentralize its government based on the holders of MATIC tokens, Polygon’s native cryptocurrency.
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